Bacca scored 14 goals in 34 appearances for the Rossoneri last season but is set to fall foul of the squad overhaul at San Siro which has seen Andre Silva, Fabio Borini and Hakan Calhanoglu swell the attacking ranks.
Having enjoyed two goal-laden seasons with Sevilla before signing for Milan, Bacca favours a return to the Ramon Sanchez Pizjuan, but Monaco's interest comes with guaranteed Champions League football attached as well as linking up with his international captain Radamel Falcao.
The principality club are set to receive an estimated €180million if they sanction the sale of Kylian Mbappe and may already be seeking out potential replacements for the teenage star.
Bacca's agent Sergio Barila told Caracol Radio: "Monaco called me to ask for information about the player's situation.
"He has already been at Sevilla and knows LaLiga well so there is a chance. If he does leave Milan and if Sevilla offers an important possibility, I think it will be evaluated in a calm manner."
Barila also revealed Bacca has turned down the chance to move to China as he believes it will hamper his international chances.
The striker has also not given up hope of staying at Milan, where he signed a five-year contract in 2015.
"We want to find the best solution possible for the player, that is the most important thing, and the club," Barila added.
"He has three years left on his contract with Milan and there is a possibility for the player to continue to play for Milan, but only if the sporting conditions are right: it is a World Cup year and the player wants to be in full form to have a good season and to arrive in Russia in the best possible condition."